Beverage Boom: Rising Consumption Drives Demand for Drink Cans as the Go-To Packaging Choice for Modern Lifestyl

The Drink Cans Market is experiencing robust expansion, with an estimated value of US$56,891.1 million in 2023, projected to surge at a 7.7% CAGR, reaching US$119,208.6 million by 2033. Fueled by increasing beverage consumption, encompassing soft drinks, alcoholic beverages, and energy drinks, the demand for drink cans is propelled by their convenience and portability, catering to modern consumers' busy lifestyles.

Moreover, the market gains traction from the escalating emphasis on sustainability, driven by rising environmental awareness and the need to minimize plastic waste. Drink cans are emerging as a preferred, recyclable packaging choice, aligning with eco-conscious consumer preferences.

The United States is the leading market for metal beverage cans, with the utmost per capita consumption of cans in the world. Demand is driven by increased consumption of soft drinks and beer. These beverages are being served in metal cans such as aluminum.

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Increased recycling of used beverage cans will boost the USA market. Rising demand for optimal utilization of natural resources has prompted companies to reuse metals in the United States.

Metal recycling is heavily supported by government agencies such as the United States government, which mandate the replacement of used cans. Besides, the metal recycling market is likewise expected to benefit from municipal recycling programs launched in the United States.

According to the International Aluminum Association, the United States today collects double the amount of aluminum for recycling than it did in 1980s. The global average recycling rate for aluminum cans is around 60%. But in the United States, the recycling rate exceeds around 90%. This will positively influence drink can sales across the USA.

Key Takeaways from the Drinks Can Market

The global drink cans market is set to reach US$ 56,891.1 million in 2023.
The United States market for drink cans reached US$ 8,496.6 million in 2022.
Currently, the United States holds around 7% share of the global market.
High consumption of alcoholic beverages and rising demand for safe packaging will boost the USA market

"Rising demand for durable and safe packaging solutions will boost drink can sales in the USA. Besides this, implementation of stringent food safety regulations will bode well for the market." says an FMI Analyst.

Competition Landscape in the Drinks Can Market

Key companies are introducing novel products with eco-friendly and sustainable features. Acquisitions, collaborations, and partnerships are other strategies employed by manufacturers.

Prominent players active in the United States drinks can market are Novelis Inc., Ball Corp., Crown Holdings Inc., and Silgan Holdings Inc.

Recent Developments

In January 2023, the RYL Company launched a ready-to-drink tea to promote 'Lil Polyphenol Technology'. This is a unique formula and method that consistently delivers 200 mg of tea polyphenols in each can.
In February 2023, FC Dallas announced a multi-year partnership. This makes Coca-Cola the Official Soda and Bottled Water Partner of FC Dallas, FC Dallas Academy, North Texas SC, and FC Dallas Youth.

Further, shifting consumer preference towards sustainable and eco-friendly packaging has led to a spike in demand for packaging solutions that can be recycled. One of the most recycled packaging format is drink cans. Recycling doesn't degrade the quality of metal as drink cans made from aluminum/ steel are completely recyclable, which makes this process profitable to manufacturers.

Moreover, in comparison to other conventional packaging formats, drink cans do not pose threat to the environment, as most of it gets recycled. During the process of recycling drink cans produce negligent amount of carbon footprint, adhering to the environment policies.

Factors such as recyclability, client specific customization, and increasing demand for small quantity beverage containers is anticipated to continue fueling sales of drink cans through 2031.

"Increasing emphasis on light weight and environment-friendly packaging solutions, along with the introduction of 3D printing technology for can manufacturing is expected to augment growth of the global drink cans market over the forecast period," says an FMI analyst.

Key Takeaways:

By capacity type, the 201 - 450 ml segment is anticipated to account almost 30% market share by the end of forecast period.
In terms of product type, the 2 - piece cans segment is anticipated to expand by 2.3x over the forecast period.
In the end-use industry segment, the non-alcoholic beverages segment is expected to account for 61% of the total market share by 2031.
The U.S. is projected to account for 72.5% of the North America drink cans market in 2031.
China will emerge as a lucrative market, holding 42% of the drink cans market in East Asia region.
India is forecast to account for nearly 31% of the South Asia drink cans market by 2031.
Sales of drink cans in Japan are anticipated to grow at a 9.6% CAGR through 2031.

Competitive Landscape

Novelis Inc., Ball Corp., Crown Holdings Inc., Silgan Holdings Inc. are top players operating in the drink cans market. Furthermore, SHOWA DENKO K.K., Toyo Seikan Group Holdings Ltd., CPMC Holdings Inc., and CAN Pack S.A. are also noticeable players in the drink cans market. The 3-tier players in the market hold 50-60% of the global drink cans market. Key players are expected to account for almost 30-40% of the global drink cans market share over the forecast period.

Leading players operating in the global drink cans market are investing in strategic collaborations and acquisitions to expand their product portfolios and global footprint. For instance:

In 2021, Novelis Inc. completed the construction of US$ 150 Mn aluminum rolling and recycling operation in Brazil. Moreover, the company acquired Aleris in 2020 to enhance the strategic position in Asia.
In 2020, Crown Holdings Inc. has been recognized by Berlin Packaging as "Supplier of the Year 2019". Crown Inc. also established manufacturing plant in Nicholas, New York to support demand for specialty cans.

What is the Impact of the COVID-19 Crisis on Drink Cans Market?

During the unprecedented COVID-19 pandemic, supply chains and production activities were hampered to an extent. Though lockdowns were enforced, partial or complete, manufacturing, and export-import of necessities and materials continued. The World Bank has estimated a loss of US$ 10 Trillion in earnings during the pandemic.

Disruptions in manufacturing and supply of drink cans also had a negative impact on growth of the market, affecting medium and small scale companies by hampering profit margins. This has resulted in an overall loss of over -2.6% of market value in 2020.

However, increasing sales of food and beverages post-pandemic are expected to provide impetus to growth of the drink cans market. In addition to this, growing demand for convenient and eco-friendly packaging solutions from the beverage industry will continue fueling sales of drink cans through 2031.

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Drink Cans Market - Competitive Landscape

Companies operating in the drink cans market are aiming at expansions and strategic partnerships with other manufacturers to expand their product manufacturing capabilities, product portfolio and global presence. For instance:

In 2021, Ardagh Group's Mississippi beverage can manufacture unit has been awarded 2020 carbon emission award from Tennessee Valley Authority. Also, company proposed merger of its beverage can business with Gores Holding V Inc.
In 2021, Ball Corporation planned to build a new aluminum can plant Near Pilsen, Czechia. Last year company also completed the acquisition of Tubex Aluminum Packaging Business located in Brazil.

Drink Cans Market by Category

By Capacity:

Up to 200 ml
201 - 450 ml
451 - 700 ml
701 - 1000 ml
More than 1000 ml

By Product Type:

1 - Piece Cans
2 - Piece Cans
3 - Piece Cans

By Content:

Alcoholic Beverages
Beer
Wine
Spirits
Others Alcoholic Beverages (Cider, etc.)
Non-Alcoholic Beverages
Carbonated Drinks
Tea & Coffee
Juices
Soft drinks
Dairy Drinks
Soda
Other Beverages (Energy & Sports drinks, Electrolytes, etc.)

By Region:

North America
Latin America
Europe
MEA
East Asia
South Asia
Oceania

Contact:
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.